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Full title: Affidavit (re:400 Modified chapter 11 plan) filed by Minnesota School of Business, Inc.. (Brand, James) (Entered: 07/15/2021)

Document posted on Jul 14, 2021 in the bankruptcy, 3 pages and 0 tables.

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DECLARATION OF TERRY MYHRE IN SUPPORT OF CONFIRMATION OF MODIFIED JOINT PLAN OF REORGANIZATION OF THE CHAPTER 11 TRUSTEE AND DEBTORS DATED APRIL 29, 2021 I, Terry Myhre, hereby declare under penalty of perjury, pursuant to section 1756 of title 28 of the United States Code, as follows: 1. (“MSB”) and Globe University, Inc. (“Globe”), both of which are debtors in the above-captioned chapter 11 cases (collectively, the “Debtors”).I submit this declaration (“Declaration”) in support of Modified Joint Plan of Reorganization of the Chapter 11 Trustee and Debtors Dated April 29, 2021 [docket no. 400]Except as otherwise indicated herein, all facts set forth in this Declaration are based upon my personal knowledge of the Debtors’ operations and finances, information learned from my review of relevant documents, information supplied to me by other members of the Debtors’ management team and the Debtors’ advisors, or my opinion based upon my knowledge and experience or information I have reviewed concerning the Debtors’ operations and financial condition.I am prepared to provide loans or other funding to the reorganized debtor in an amount sufficient for the Plan to be Funded on or before the Funding Deadline and have available liquid funds to do so.

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UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF MINNESOTA Jointly Administered Under Case No. 19-33629 (WJF) In re: Minnesota School of Business, Inc., Case No.: 19-33629 Globe University, Inc., Case No.: 19-33632 Chapter 11 Cases Debtors. DECLARATION OF TERRY MYHRE IN SUPPORT OF CONFIRMATION OF MODIFIED JOINT PLAN OF REORGANIZATION OF THE CHAPTER 11 TRUSTEE AND DEBTORS DATED APRIL 29, 2021 I, Terry Myhre, hereby declare under penalty of perjury, pursuant to section 1756 of title 28 of the United States Code, as follows: 1. I am the President of Minnesota School of Business, Inc. (“MSB”) and Globe University, Inc. (“Globe”), both of which are debtors in the above-captioned chapter 11 cases (collectively, the “Debtors”). 2. I submit this declaration (“Declaration”) in support of Modified Joint Plan of Reorganization of the Chapter 11 Trustee and Debtors Dated April 29, 2021 [docket no. 400] (the “Plan”). Except as otherwise indicated herein, all facts set forth in this Declaration are based upon my personal knowledge of the Debtors’ operations and finances, information learned from my review of relevant documents, information supplied to me by other members of the Debtors’ management team and the Debtors’ advisors, or my opinion based upon my knowledge and experience or information I have reviewed concerning the Debtors’ operations and financial condition. I am over eighteen (18) years of age and I am authorized to submit this Declaration on behalf of the Debtors. If called upon to testify, I could and would competently testify to the facts

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set forth in this Declaration based upon my own personal knowledge, except as otherwise stated herein. 3. The Debtors and certain subsidiaries expect to close on four new loans to refinance two existing loans and raise additional funds for the Plan to be Funded. Property Bank Status Loan Amount Blaine North Star Bank Approved $1,650,000.00 Lakeville North Star Bank Pending (participating bank) $3,750,000.00 Brooklyn Center North Star Bank Approved $2,950,000.00 Shakopee North Star Bank Approved $2,050,000.00 $10,400,000.00 4. Three of the proposed loans have received all necessary approvals. North Star Bank is seeking a participant for the fourth loan (to be secured by the Lakeville property). The Lakeville property is the strongest property in our portfolio and I do not expect any issue in obtaining a loan in the amount of $3,750,000 either from North Star Bank or another bank with whom I have a relationship. Based on current estimates, the closing fees are anticipated to total $102,000.00. After applying proceeds to pay off the two existing loans, in the anticipated amount of $4,211,426.00, the Debtors expect to have $6,086,574.00 of proceeds to be used for the Plan to be Funded. 5. I am prepared to provide loans or other funding to the reorganized debtor in an amount sufficient for the Plan to be Funded on or before the Funding Deadline and have available liquid funds to do so. 6. The following individuals are proposed, after confirmation of the Plan, to continue to serve as director and/or officer of the reorganized debtor: I will continue to be the sole director. I will continue to serve as President and will draw no salary. Kenneth McCarthy will continue to serve as Chief Financial Officer and will draw no salary.

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